# GameStop's $70,000 calls on 2,000 bitcoin expire September 25 — the company paid $106,157 a coin

![GameStop's $70,000 calls on 2,000 bitcoin expire September 25 — the company paid $106,157 a coin](https://aiswingx.com/static/covers/gme-btc-calls-2026-09_cover.jpg?v=1790092545)

**One paragraph in Note 11 of the fiscal Q2 2026 10-Q: 2,000 bitcoin referenced, a $70,000 strike, a September 25 maturity and a $2.0m liability as of August 1. Plus how the 4,709 coins pledged to Coinbase went from $428.0m on the books to $294.0m, and the $13.8m the options produced in the first half**

GameStop (GME) filed its fiscal Q2 2026 quarterly report (10-Q) on September 9, and Note 11 contains one paragraph about a contract that is about to run out. As of August 1, 2026 the company had covered-call contracts referencing about 2,000 bitcoin at a strike of $70,000 a coin, maturing through September 25, 2026. GameStop paid $500m for 4,710 bitcoin in 2025 — $106,157 a coin.

- 종목: GME (GameStop)
- 분기: FY26Q2 · 10-Q
- 작성: 2026-09-22 15:57 UTC · 업데이트: 2026-09-22 16:12 UTC
- 원문: https://aiswingx.com/p/gme-btc-calls-2026-09

## 숫자 하나
2,000 bitcoin referenced · $70,000 strike · maturity through September 25, 2026. A $2.0m related liability as of August 1 ($1,000 per contract). A $13.8m first-half gain from the options.

## 비유 하나
(구독자 전용)

## 출처 하나
GameStop Form 10-Q (fiscal Q2 2026, filed 2026-09-09, as of 2026-08-01), Note 11 'Digital Assets and Related Receivables', Note 7 fair-value tables (2026-08-01, 2026-01-31, 2025-08-02), balance sheet, Note 14 share repurchase

## 다음 분기에 볼 것
(구독자 전용)

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## What happened

GameStop (GME) is a US retailer of games and collectibles that has held bitcoin as a corporate asset since 2025.

Its fiscal Q2 2026 quarterly report (10-Q) covers May 3 to August 1, 2026 and was filed on September 9. One paragraph of Note 11 describes a contract that is about to run out. **As of August 1, 2026 the company held covered-call contracts referencing about 2,000 bitcoin.** The strike is $70,000 a coin and the contracts mature through September 25, 2026. A covered call is a contract in which the owner of an asset sells the right to buy it at a set price and is paid up front for doing so.

Two more figures sit in the same paragraph. The liability recorded for these contracts as of August 1 was **$2.0m**, inside accrued liabilities. Changes in the value of the covered calls over the first half produced a gain of **about $13.8m**. That figure includes contracts that matured before August 1. The contracts are over-the-counter agreements with Coinbase Credit, and the company describes them as typically short-dated.

Very little bitcoin remains on the books as bitcoin. Of the 4,710 coins bought in 2025, **4,709 were pledged to Coinbase as collateral**. One coin is still held directly, at a cost of $0.2m and a value of $0.1m.

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(End of free preview. What the numbers mean, why it matters, company context, the next-quarter checklist and the arithmetic are available to subscribers — https://aiswingx.com/pricing)

## FAQ

**Q. What happens on September 25?**

The filing states only that the contracts mature through that date. Whether the right is used depends on the price that day, and the company does not say how the contracts settle (cash or delivery of bitcoin). We will record the outcome from the Q3 10-Q.

**Q. Did GameStop sell its bitcoin?**

No. Note 11 states that the company neither purchased nor sold bitcoin in the first half. But 4,709 of the 4,710 coins were pledged to Coinbase, and in accounting terms they are no longer bitcoin on the books — they are a right to receive the same quantity back.

**Q. Where do the 2,000 coins and the $70,000 come from?**

The covered-call paragraph of Note 11, 'Digital Assets and Related Receivables'. The same paragraph gives the $2.0m related liability as of August 1 and the roughly $13.8m gain from changes in the value of these options in the first half.

**Q. Where can I check these numbers myself?**

On SEC EDGAR, open GameStop Corp.'s fiscal Q2 2026 10-Q (accession 0001326380-26-000055) and read Note 11, the fair-value tables in Note 7, and the balance sheet.